Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1887-04-16
DUN & co. QUOTE CARLYLE
APPLYING THE KINDLY SCOTS"
WORDS TO THE LIS. C. LAW.

A Review of Its Effect So Far as Heard
from-Contradictory Court Decisions
The Commission at work-No Help for
Theatrical Talent-The Chicago Freight
Bureaus Views-Money Supply.
NEW YORK, April I6-R. G. Dunn &
Co.'S weekly review of trade says when
Carlyle said it would be found impossible to
get wise laws from the suffrage of sundry
millions, mostly fools" he seems to have
had a provision of the interstate commerce
act The chief feature of the week, in com
merce and industry, is the embarrassment
resulting from this enactment No one yet
knows what its effect will be, but many who
favored it already see that its workings do
not help them. The commission has not yet
suspended the operation Of the short haul
clause for northern roads generally, but one
United States court lin Oregon has held it
not applicable to an Oregon road, and
another has ordered Texas road in the
hands of a receiver to disregard that provi-
sion, and no one can guess what changes in
rates may at any time be made by orders Of
courts or the commission. The general effect
thus far is to largely increase cost of trans
portaton and to impede or arrest distant
shipments. Western distributing cities find
that it threatens to transfer much of their
trade to minor towns On the other hand it
helps some people, Thus, manufacturers
find by markets more within their con-
troll, and domestic ore producers find foreign
iron ore practically excluded from many
points of large consumption.
q fha bar
certainty as to freights, accounts of trade are
surprisingly satisfactory. The remarkable
activity is clearly connected with the exceed
ingly plentiful supply of money, which is
more abundant where some need was pre-
viously reported, while at many points, as at
Memphis, money was never so abundant be-
fore. Rates rise to 10 per cent, or 8 to 10
only at some far western points, or where
speculation RACES, but are unusually moder-
ate for the locality. The increase in actual
circulation of each kind of money from July
l to April l has been sl4, AIS, 034 gold coin;
81, 40 09S in silver dollars, and 81 80, A in
subsidiary silver; total, s2l2lS, 5S6 in coin.
Then there is SIS, 1901, $40 in gold certificates,
S43 Sl4 "a in silver certificates and sig, 900,
933 in United States notes, against decrease
Of 81, 079, 2ts in bank notes; net increase in
paper currency, SIS, 6S7, 56J; total increase,
$40, $50, 10 in coin and paper, or Ga per cent.
The stimulating effect of such an additional
amount of currency iseverywhere felt From
Washington news comes that the treasury,
realizing the risks of excessive issues, will
now draw in silver certificates of the larger
denominations
Speculation in real estate is rampant in
Colorado, spreading to cities and towns
| throughout the state; has caused much lock-
ing up of means in Minnesota and other
| western states; has advanced prices wonder
| fully at Philadelphia. and holds prices up,
| though the fever has abatei at Nashville
| How far such demands will prevent the re-
turn OF money usual at this season to COM
mercial interest is yet in doubt But no
fear is felt of money going abroad, March
exports of products having been surprisingly
| largest 6lI, 900 more than last year in cot
ton, S., so 40 in breadstulf,, aud only 500,
900 less in oil. The prospect is that exports
may have exceeded imports that month,
against heavy excess of imports last year.
Recent large purchases of stocks on foreign
account are reported, but with somewhat
suspicious ostentation, and foreign exchange
remains stronger than it would naturally be
if money were coming this way to pay for
many securities.